Sounds like a classic “pump and dump” scheme.
Reddit will be next. They have announced an IPO. A few years ago they valued the company at $10 billion then a year later it was $5 billion. No current valuation as the IPO details are being worked on. That is a 50% drop. I figure they will be committing stock fraud and give out fake user numbers.
The news article I saw was at Yahoo and the comments were almost all negative towards Reddit. They censor and ban users all the time. Not just a ban but a permanent ban where they track your pc or cell phone if you create another account and log in.
You cannot have a successful business doing that.
The owners will become rich, the company will decline and the investors will lose lots of money and like Vice and many others will disappear.